How To Become A Bank Manager In Australia?

Students want to know how they can become bank managers in Australia after year 12.

 

Are you interested in banking and finance, good at working with numbers, and possess excellent managerial skills? You can consider a career as a bank/branch manager.

 

Bank managers ensure smooth and efficient execution of banking operations in one or more bank branches. They increase sales of financial services and products and attract new customers for the business.

 

Do you wondering how to become a bank manager in Australia? You must have a bachelor’s degree in business, economics, or commerce, majoring in finance or banking. It is also essential to have experience in lower-level roles in branch banking for this role.

 

If the profession interests you and you want to know more about pursuing it, then keep reading this blog. Learn about who a bank/branch manager is, what they do, what skills they have, what they study, and how to become one.

 

 

1. What Is Bank Manager?

 

A bank manager handles the banking operations, manages the bank’s policies, adheres to legal and company protocols, and supervises the other bank employees. They are responsible for running a business profitably, growing their branch by expanding their customer base and promoting the bank products and services.

 

Bank managers ensure the effective functioning of all bank departments, implement new campaigns, policies, or initiatives, and meet set targets or goals.

 

The bank manager has a good knowledge of the various bank services and products offered to customers. They also have a good understanding of HR management and serve as a final authority to approve/disapprove recruitment decisions made by the bank.

 

 

2. What Is Bank Branch Manager?

 

Bank Branch managers plan and coordinate the day-to-day operational tasks of a financial institution, such as bank branches, credit unions, building societies, and retail stores.

 

They recruit, train, and monitor banking staff, maintain financial transaction records and stock levels, and ensure customer satisfaction.

 

 

3. What Is A Banker?

 

A banker is employed in the finance industry to service clients' financial requirements. Their primary task is to arrange investments and loans for clients. They are maximizing profits while maintaining suitable risk levels.

 

Based on their duties, Bankers are classified into three types:

 

  • Personal bankers

  • Commercial bankers

  • Investment bankers

 

 

4. Bank Manager Job Description

 

The general duties of a bank manager involve:

 

  • Administer the operational activities of a bank branch, regional branch, or other financial institutions, including sales, marketing, HR, and bank productivity.

  • Provide solutions to operational problems

  • Prepare budgets, statutory returns, and reports.

  • Present budget proposals to regulating bodies

  • Advice on the most efficient use of financial resources 

  • Interpret consequences for business funding and performance

  • Adhere to a high level of customer service 

  • Supervise sales targets

  • Promote the financial institution and its products

  • Understand the banking requirements of the customer base 

  • Supervise budgets and sales targets

  • Implement business, sales, and marketing plans

  • Create performance and management reports

  • Evaluate lending risk

  • Manage and encourage staff

  • Follow the rules and procedures to prevent financial fraud.

  • Handle customer complaints

  • Maintain strong relations with customers, business partners, and the community

  • Plan and execute strategies to get new customers and improve business sales

  • Hire, train, and supervise the performance of bank staff, and employees

  • Follow their company’s policies, procedures, and guidelines and ensure that their staff follow the same.

 

 

5. Bank Branch Manager Responsibilities

 

  • Handle admin duties of bank branches, including staff management, financial audits, and reports.

  • Oversee operational activities of the bank branch and offer solutions to issues.

  • Plan and lead the collection of accounting and financial information

  • Lead staff meetings and provide operational instructions

  • Establish and supervise service standards

  • Promote products and services via local media and in-store marketing and sell them to customers 

  • Plan and coordinate repairs, renovations, and maintenance

  • Advise customers on various financial products and interview loan applicants.

  • Meet customers to resolve their issues or complaints and always ensure a high level of customer service

  • Implement business plans and administer financial statements and business records

  • Lead bank employees and staff meetings 

  • Manage inventory activities such as buying, receiving, and signing off payments 

  • Develop strong relationships with customers or clients  

  • Ensure operational excellence

  • Manage their branch’s budget 

  • Monitor their branch’s capital expenditure and revenue  

 

 

6. Duties Of A Banker

 

  • Discuss financial products with customers

  • Assess the creditworthiness of borrowers 

  • Underwrite lending deals

  • Buy and sell securities

  • Personal Bankers handle the distinct banking needs of individuals that including mortgages, credit cards, personal loans

  • Commercial bankers arrange working capital for the operation of businesses 

  • Serve financial needs of business and corporate clients 

  • Raise capital for companies 

  • Comply with government regulations and reorganize the company’s finances.

  • Discuss financial products with customers

  • Negotiate purchases of commodities, loans, and other financial resources

  • Arrange suitable insurance programs for clients

  • Assess financial risks, estimate profits, and prepare financial documents

 

 

7. Bank Manager Skills

 

The following are the most desirable skills that make you a good bank manager:

 

  • Excellent oral and written communication skills

  • Good interpersonal and customer service skills 

  • Comfortable working with numbers

  • Solid knowledge of the financial sector, financial services laws, and regulations 

  • Able to understand and work with financial data, figures, and trend reports

  • Good working knowledge of mathematics, accounting, economics, and administration

  • Strong leadership skills

  • Strong understanding of applicable standards and legislation 

  • Effective at dealing with issues or complaints 

  • Trustworthy 

  • Personable demeanour

  • Analytical approach to clients

  • Strong analytical skills 

  • Integrity

  • Self-motivated and driven

  • Time management

  • Multitasking and prioritizing abilities

  • Detail-oriented 

  • Able to lead and inspire staff

  • Problem-solving skills

  • Decision-making abilities

  • Ethical and honest

  • Sales and marketing skills

 

 

8. Bank Branch Manager Qualifications In Australia

 

To know how to become a bank manager after the 12th, you must have both formal qualifications and relevant work experience.

 

  • Employers generally look for candidates with a tertiary qualification in business, commerce, economics, or accounting with a major in finance, banking, or a related field. 

  • It is a must to have extensive work experience in branch management, banking or finance management. A prior experience as a Sales Assistant in financial services can be advantageous. 

  • You may even require to pass criminal record checks.

 

 

9. How To Become A Banker?

 

You need to meet the following academic and training requirements to become a banker in Australia:

 

  • Complete a high school year 10 education in English and mathematics

  • Hold a tertiary qualification in business, finance, commerce, or a related field. 

  • Consider enrolling in an internship program as it will provide budding Bankers with valuable field experience and a solid understanding of banking rules, regulations, and policies.

  • Expert knowledge of the financial sector is essential to provide reliable and professional advice to individual and corporate customers of the bank and determine if investments and loans are appropriate.

 

Professional bodies

 

 

 

10. How To Be A Successful Bank Branch Manager In Australia?

 

Having understood what a bank manager does and what skills and qualifications you need, let’s look at how to become a bank/branch manager in Australia.

 

 

Get Qualified

 

An applicant should have at least a bachelor’s degree in business, economics, or commerce with a major in banking or finance. 

 

Studying for a Bachelor of Business can be a great option to qualify for this role. However, to get into a bank manager course, you must complete at least a secondary school certificate or equivalent.

 

Alternatively, you can complete Certificate IV in Financial Services, Certificate IV in Retail Management (SIR40316), Diploma of Business (BSB50120), and Diploma of Accounting to work in this role.

 

 

Gain Experience

 

Along with a relevant qualification, banks and other financial institutions usually seek bank managers with experience in lower-level roles within branches or banking centres and handling customers and cash daily.

 

It is necessary to convince recruiters that the applicant has adequate capabilities and can be trusted with added responsibility.

 

 

11. Bank Manager Courses In Australia

 

 

  • Certificate IV in Financial Services

  • Certificate IV in Retail Management

  • Diploma of Business 

  • Diploma of Accounting

  • Advanced Diploma in Banking Services Management

 

 

12. Working Conditions For Bank/Branch Manager

 

Bank/branch managers generally manage a team of bank officers in bank branches. When employed in a retail bank branch, they usually work standard hours, from Monday to Friday.

 

They may occasionally work on Saturdays as well. Most of the time, they work in offices but may also require travelling between branches to participate in meetings and conferences.

 

 

13. Where Do Bank Managers/Branch Managers Work?

 

Bank Managers or Branch Managers generally work in retail stores or financial institutions such as banks, credit unions, and building societies.

 

These professionals mostly begin their careers in support before advancing into managerial roles.

 

 

14. Types Of Bank Manager Jobs In Australia

 

A qualified bank manager can work in the following job roles listed on popular job portals like LinkedIn:

 

  • Bank Manager

  • Bank Branch Manager

  • Specialized Banking Manager

  • Transaction Banking Manager

  • Senior Transaction Banking Manager

  • Premium Business Banking Manager

  • Franchise Banking Manager

  • Business Banking Manager

  • Senior Business Banking Manager

  • Commercial Credit Assessment Manager

  • Senior Relationship Credit Manager

  • Senior Credit Manager

  • Head of Credit Mortgages

  • Treasury Manager

  • Agribusiness Banking Manager

 

 

15. How Much Do Bank Managers Earn In Australia?

 

The average bank manager’s salary is AU$88,237 per year or an hourly equivalent of AU$39.49. Work location and experience are the two main factors that determine their salary.

 

By gaining more experience, they can expect to draw a potentially higher salary than those new to the industry.

 

Here are the estimated earnings of Bank Managers at varying levels of experience:

 

  • Early career Bank Manager (1 to 4 years of experience) earns AU$86,483 p.a.

  • Mid-career Bank Manager (5 to 9 years of experience) earns AU$86,057 p.a.

  • Experienced Bank managers (10 to 19 years of experience) earn AU$91,619 p.a.

 

The average bank branch manager’s salary is AU$83,270 per year or an hourly equivalent of AU$31.64. Here is what you can expect to earn with experience:

 

  • Early career Branch Manager: AU$81,138 p.a.

  • Mid-career Branch Manager: AU$83,655 p.a.

  • Experienced Branch Manager: AU$85,778 p.a.

 

 

16. Job Prospects For A Bank Manager In Australia

 

Banking professionals form a vital part of the world economy. The Australian banking industry has seen consistent employment numbers over the past five years. Around 51,400 people are working as Bank Managers in all regions of Australia, specifically in larger cities and towns.

 

The Australian banking industry is very strong. With the increasing focus of banks on customer service and the relocation of branches to shopping centres and related areas, job opportunities for bank managers are expected to rise.

 

 

17. Specializations Options For Bank Managers

 

The banking industry offers immense scope to advance and specialize in the financial sector. Bank/branch managers can specialize in working as:

 

  • Financial Consultant/Financial Advisers: They offer expert financial advice to clients and develop financial plans for them specifying their options for investment, superannuation, savings, and insurance.

 

  • Brokers: They specialize in the purchase and sale of assets on behalf of clients and investors to make profits

 

  • Financial Risk Manager: They specialize in evaluating market trends and assessing liquidity, market, and financial risks. Furthermore, they advise actions to mitigate these risks.

 

 

18. Conclusion

 

Being a Bank/Branch Manager is a stable, authoritative, and high-paying position with various responsibilities.

 

If you have proven success in banking, management, and finance and are well-versed with federal and state-level banking regulations, you are best suited for this profession. 

 

We hope the above information has given you much-needed clarity about the profession and how to pursue it in Australia.

 

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